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2017 (6) TMI 1036 - AT - Income TaxReopening of assessment - addition of peak credit - Held that:- Since in the first assessment order completed u/s. 147, the source of deposits having been examined, on the very same issue the second officer is precluded in reviewing the same and making the addition in a different manner. In view of that, the addition of peak credit in the bank account cannot be sustained. Not only that, assessee has already offered higher income estimating the income at 5% u/s 44AF. The deposits in bank account were within the turnover disclosed by assessee. Therefore, it cannot be stated that the deposits in the bank account are not unaccounted amounts. Since assessee’s incomes were accepted u/s 44AF, after due examination of assessee’s cash deposits in the first assessment completed u/s. 143(3) r.w.s. 148 vide order dt. 09-02-2009, the addition made in the second assessment order is not sustainable.
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